The MoneyPak card allows users to transfer money where they need it, according to the card's provider Green Dot. The card is purchased with cash and can be used to load prepaid cards, transfer money to a PayPal account or make payment at participating companies.Continue Reading
Amounts between $20 and $500 can be purchased on a card at thousands of retail stores around the country, Green Dot states. The cashier collects the cash amount desired and adds it to the card. As of July 2015, there is a fee of $4.95 at purchase, and there are no other hidden fees or charges afterward. The money is commonly available as soon as the card is purchased, although user's should be aware that when purchasing from certain stores, such as Walgreens, CVS, Radio Shack and Longs Drugs, there is a short delay of between 15 and 60 minutes after purchase before the funds on the card are available for use.
The card's provider runs one of the largest cash reloading networks in the country, explains Green Dot. Unlike in other financial transactions, no personal or financial information has to be revealed to the cashier when purchasing a card. Once purchased, the card should be treated with the same care as cash. Transactions with the card cannot be reversed, so users should be careful to only provide the number on the card to trusted recipients.Learn more about Financial Planning